Magellan Infrastructure Fund Currency Hedged Posts Quarterly Portfolio Disclosure as at 30 June 2026

Magellan Infrastructure Fund Portfolio Composition and Diversification Strategy

Magellan Asset Management’s Infrastructure Fund (Currency Hedged) – Active ETF maintains a globally diversified portfolio of infrastructure assets designed to provide exposure to essential utility and transportation infrastructure across multiple regions and sectors. The fund’s holdings span critical infrastructure categories including utilities, railways, toll roads, telecommunications networks, airports, and energy transmission operators. As at 30 June 2026, the fund’s portfolio comprised 44 listed securities distributed across geographic markets including North America, Europe, and the Asia-Pacific region, reflecting a strategic approach to diversification across multiple jurisdictions and infrastructure asset classes. This broad diversification strategy aims to reduce concentration risk while providing exposure to resilient, essential infrastructure assets.

The largest single holding in the fund at 30 June 2026 was Aena SME SA, representing 7.1% of total portfolio value. This was followed by United Utilities Group Plc at 4.9% and Cellnex Telecom SA at 4.8%. The top ten holdings accounted for approximately 47% of the fund’s portfolio value, indicating a reasonably concentrated approach to portfolio management while maintaining exposure to a broad range of infrastructure operators. Holdings ranged from Aena at the top to smaller positions such as Snam SpA at 0.5%, demonstrating a tiered approach to position sizing based on the fund manager’s assessment of relative attractiveness and risk-adjusted return potential of different infrastructure assets.

Geographic Exposure Across North American Transportation and Railway Infrastructure

The Magellan Infrastructure Fund maintains significant exposure to North American transportation and railway infrastructure operators, reflecting the essential role these assets play in regional economic activity. Canadian National Railway Company represented 3.0% of the fund, while Union Pacific Corporation, Norfolk Southern Corporation, and CSX Corporation together represented 4.4% of portfolio value. These railway operators form a critical component of North American logistics and freight transportation networks, providing long-term contracted or regulated revenue streams from industrial and consumer goods movement across the continent.

Beyond railways, the fund’s North American transportation exposure includes Crown Castle Inc at 4.2% and American Tower Corporation at 3.2%, reflecting positioning in essential telecommunications tower infrastructure that supports mobile and broadband networks. The fund also holds exposure to Transurban Group at 3.9%, an Australian toll road operator providing access to essential transportation infrastructure in major Australian metropolitan markets. These transportation and logistics infrastructure operators typically benefit from long-term contracted revenue arrangements, inflation protection mechanisms, and stable cash flows underpinned by essential service delivery characteristics.

Utilities Sector Holdings and Regulated Energy Distribution Exposure

Utilities represent a substantial component of the Magellan Infrastructure Fund’s positioning, with multiple holdings in regulated electricity distribution, water, and gas companies across geographic markets. United Utilities Group Plc, a water and waste management utility, represented 4.9% of the fund’s portfolio, while Severn Trent at 4.7% provided additional exposure to essential water services in the United Kingdom. These regulated utility operators typically benefit from stable, predictable revenue streams derived from essential service provision to residential and industrial customers, often underpinned by rate-setting mechanisms that provide inflation protection.

American utility exposure in the fund includes Sempra at 3.7%, CMS Energy Corporation at 4.1%, Xcel Energy Inc at 4.1%, Evergy Inc at 4.1%, Eversource Energy at 3.9%, WEC Energy Group Inc at 2.2%, and Alliant Energy Corporation at 3.2%. These utility operators provide electricity distribution, natural gas distribution, or diversified energy services to customers across North America. Dominion Energy Inc represented an additional 3.2% of the fund. National Grid Plc, a major electricity and natural gas transmission operator in the United Kingdom, represented 3.9% of portfolio value. The concentration of utility holdings reflects the fund manager’s assessment that regulated utilities represent attractive infrastructure investments characterised by essential service provision, regulatory oversight, and relatively predictable cash flows.

European and International Airport and Transportation Hub Infrastructure

The fund maintains meaningful exposure to European and international airport operators and related transportation infrastructure. Aena SME SA, Spain’s leading airport operator managing airports in Spain and internationally, represented the fund’s largest holding at 7.1%. Groupe ADP, the operator of Paris airports, represented 2.6% of the portfolio. Flughafen Zuerich AG, the operator of Zurich Airport in Switzerland, represented 1.4% of holdings. These airport operators benefit from their positions as critical transportation hubs connecting their respective regions to global travel networks, supporting both passenger and cargo movements.

The fund also maintains exposure to broader European transportation infrastructure through Ferrovial SE at 2.9%, a Spanish construction and infrastructure services company, and Getlink SE at 2.4%, which operates the Channel Tunnel linking the United Kingdom and France. These transportation infrastructure assets provide essential connectivity services and generate revenue from both usage fees and contracted service arrangements. The concentration on European airport and transportation infrastructure reflects positioning in assets that typically benefit from long-term structural growth drivers related to international travel, tourism, and cross-border trade movements.

Telecommunications Tower and Network Infrastructure Assets

Telecommunications tower and network infrastructure represents a material component of the fund’s positioning, reflecting the essential role of these assets in supporting global mobile and broadband connectivity. Cellnex Telecom SA, a major European telecommunications tower operator, represented 4.8% of the portfolio. Crown Castle Inc, a leading North American tower operator, represented 4.2%. American Tower Corporation, another major North American tower operator, represented 3.2%. These tower operators typically own and operate passive telecommunications infrastructure on which mobile network operators lease capacity to support their networks, generating recurring lease revenue streams.

The fund also maintains exposure to Infrastrutture Wireless Italia at 1.0%, an Italian telecommunications infrastructure company providing tower and network infrastructure services. These telecommunications infrastructure assets have historically demonstrated resilience and growth characteristics related to increasing data consumption, network densification requirements, and the expansion of mobile broadband services. Tower operators typically benefit from long-term lease agreements with mobile network operators, providing relatively predictable revenue streams with limited capital intensity compared to active network operations.

Energy Transmission and Distribution Infrastructure Across Multiple Markets

Energy infrastructure including transmission, distribution, and renewable energy support systems comprises a significant portion of the fund’s portfolio. Enbridge Inc at 2.2% provides energy infrastructure services including natural gas and crude oil transmission across North America. Redeia Corporacion SA at 1.3% operates electricity transmission and distribution infrastructure in Spain. Italgas SpA at 1.6% operates natural gas distribution networks in Italy. Snam SpA at 0.5% operates natural gas transmission and storage infrastructure in Italy. Vopak NV at 2.4% operates liquid bulk storage terminals providing critical infrastructure for energy products, chemicals, and other bulk materials.

These energy infrastructure operators typically benefit from essential service provision characteristics, regulated or long-term contracted revenue arrangements, and positioning in critical infrastructure segments that support broader economic activity. The fund’s energy infrastructure exposure reflects the manager’s assessment that these assets provide attractive risk-adjusted return potential through stable cash flows and inflation-linked revenue mechanisms, while supporting the transition to cleaner energy systems through infrastructure that enables energy distribution and storage.

Vinci SA and Diversified European Infrastructure Holdings

Vinci SA, a major European construction and infrastructure company, represented 4.3% of the fund’s portfolio as at 30 June 2026. Vinci operates toll roads, parking facilities, and provides concession-based infrastructure services across Europe, generating revenue from usage-based tolls and long-term concession arrangements. The company’s positioning as a diversified infrastructure operator with exposure to multiple asset classes and geographic markets provided the fund with exposure to a professionally managed infrastructure platform with exposure to essential transportation and mobility infrastructure.

Vinci’s toll road and concession-based revenue model typically provides inflation-linked cash flows and long-term predictable earnings streams. The company’s operational management of infrastructure assets and exposure to European economic activity made it a meaningful component of the fund’s European infrastructure positioning. The fund’s holdings in larger, diversified infrastructure companies like Vinci complemented its positions in more narrowly focused infrastructure operators, providing exposure to both pure-play infrastructure assets and integrated infrastructure companies with portfolio diversification across multiple asset types and markets.

Cash Position, Foreign Currency Hedging, and Fund Liquidity Management

The Magellan Infrastructure Fund (Currency Hedged) maintained a cash position of 1.6% as at 30 June 2026, comprising 3.6% of cash assets offset by a 2.0% net unrealised loss on foreign currency hedging. This structure reflected the fund’s approach to managing liquidity while maintaining currency hedging overlays to protect the fund’s Australian dollar-denominated unit holders from currency fluctuations in the fund’s underlying foreign-currency-denominated assets. The fund disclosed that it held no net credit exposure to foreign currency hedging counterparties as at 30 June 2026, indicating that any hedging arrangements were structured without creating material counterparty credit risk concentration.

The net unrealised loss on foreign currency hedging reflected the impact of currency movements during the quarter on the value of the fund’s hedging positions. Currency hedging for a fund with substantial international holdings is a material consideration for Australian investors, as the fund’s hedging overlay aims to neutralise the impact of Australian dollar appreciation on the value of foreign currency-denominated assets held by the fund. The disclosure of both cash assets and hedging impacts provided investors with full transparency on how these positions affected overall fund value and positioning at quarter end.

Fund Management Structure and Regulatory Compliance Framework

Magellan Asset Management Limited, trading as Magellan Investment Partners, holds an Australian Financial Services Licence (ASFL 304301) and operates from its registered office at Level 36, 25 Martin Place, Sydney NSW 2000. The company is registered with the Australian Securities and Investments Commission under ABN 31 120 593 946 and operates the Magellan Infrastructure Fund (Currency Hedged) – Active ETF as a licensed managed scheme listed on the Australian Securities Exchange under the ticker MICH. The quarterly portfolio disclosure represents a periodic regulatory filing requirement under Australian securities laws, providing unit holders and potential investors with transparency on fund positioning and asset allocation.

The disclosure was authorised for release to the ASX by Kathy Molla-Abbasi, Company Secretary, as at 31 July 2026, confirming that the portfolio information reflected fund positioning as at the close of the quarter on 30 June 2026. This disclosure framework ensures that investors in the fund receive regular, transparent updates on how their capital is deployed across different infrastructure assets and geographic markets, supporting informed decision-making regarding investment in the fund.